By Chris Njoku
The old notes would still be valid until the 31st January, 2023, as stated by the CBN.
President Muhammadu Buhari today unveiled the new notes of the three highest denominations of the Nigerian currency: N200, N500 and N1,000. The unveiling was done at the Council Chambers of the Presidential Villa, Abuja, shortly before the commencement of the Federal Executive Council meeting.
Speaking at the event, the Governor of the Central Bank of Nigeria, (CBN) Godwin Emefiele, said the introduction of new notes was a deliberate step by government to check corruption and counterfeiting of the notes.
Governor of the Central Bank of Nigeria, (CBN) Godwin Emefiele and President Buhari during the unveiling of the New Naira Notes
Governor of the Central Bank of Nigeria, (CBN) Godwin Emefiele and President Buhari during the unveiling of the New Naira Notes
Mr Emefiele had earlier said in October that N2.73 trillion of total N3.23 trillion currency in circulation remained outside the country’s banking system, making it difficult for monetary policies to be effective. He also spoke about the security dimension of the decision to redesign the notes.
However, the old notes would still be valid until the 31st January, 2023, as stated by the CBN.
